Riyadh – Mubasher: Etihad Atheeb Communication “Go” on Tuesday reported a net loss of SAR 148.09 million ($39.5 million) in the fiscal year ended 31 March 2016, raising its accumulated losses to 85.7%, compared to SAR 56.24 million ($15 million) last year.
The increase of the net loss compared with the previous year is due to the decrease in other income, rise in cost of sales as well as selling and marketing expenses,” said Go in a statement to Saudi Exchange (Tadawul).
Financial statements showed that the operating losses retreated 1.06% year-on-year to SAR 289.47 million from SAR 292.56 million.
Business sector revenues grew 40.3% (SAR 33.3 million), as a result of increasing number of customers, despite the decline in the homes and consumer broadband revenues by 25.5% (SAR 18.1 million), as a consequence of the variety of alternatives of high speed services provided by competing companies.
The revenues of new services reached 28% of the sector’s revenues and 5% of the total revenues of the ended the fiscal year, with expectations for further growth in the future, according to the company’s statement.
